In the latest analysis by the American Council on Renewable Energy (ACORE), both investors and developers seem assured that the industry is destined to grow over the next three years.
Renewable energy investments in the U.S. remain firmly in the bull market, despite the global pandemic.
This trend is caused by the continual reduction of costs, strong demand for renewable power in both commercial and residential markets, as well as supporting state energy climate.
The industry experts agree, however, that for the sector to remain strong, we need immediate policies that will respond to the challenges set before renewable development before the year’s end.
In 2018, ACORE set a goal to secure $1 trillion in U.S. private-sector investment in renewable energy by 2030, but even after record levels of investments in wind and solar in 2019, just one-eighth of the $1 trillion goal has been met.
According to GreenTechMedia, “The sector needs commonsense measures like temporary refundability that will allow for the monetization of renewable tax credits despite constraints on tax equity, as well as delays in the phase-down schedules for these credits to reflect the difficulties of renewable development in 2020. Over the long term, we will look to policy reforms, market drivers, and electricity market refinements to fully decarbonize the power sector.”
In the analysis, both investors and developers are strongly optimistic that the industry is destined to grow over the next three years.
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